Transcript for Overseas Stock Markets Take Hit After Middle East Violence

Reporter: Good morning. We're seeing the ripple effects. Overseas markets took a hit today. On wall street, the dow begins the day at its lowest level since june after losing 185 points on wednesday. The violence in the middle east is driving up oil prices. And today, we learn europe is officially in a recession. Of course, the real concern is the fiscal cliff jon karl was talking about. The spending cuts and tax increases that could take effect at the end of the year. Just the threat of going over the fiscal cliff may stall a fragile economy. Why? Consumers may cut back on holiday shopping. And businesses worried about the future delay to hire workers or investing in new equipment. That's all a real concern, josh. It won't be going away anytime soon.

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